{"id":418897,"date":"2020-03-22T22:30:16","date_gmt":"2020-03-22T22:30:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=418897"},"modified":"2024-06-11T13:46:39","modified_gmt":"2024-06-11T13:46:39","slug":"traders-divided-bitcoin-prospect-price-crumbles","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/traders-divided-bitcoin-prospect-price-crumbles\/","title":{"rendered":"Traders Divided Over Bitcoin&#8217;s Prospects as Price Crumbles Below $6,000"},"content":{"rendered":"<p>Over the past few days, <a href=\"https:\/\/uniquehot.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> has held $6,000 time and time again, managing to close 20 four-hour candles about this psychological level in succession. But, the cryptocurrency just an hour ago closed a four-hour candle beneath this support, cementing BTC&#8217;s reversal from $7,000.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2020\/03\/22\/bitcoin-bulls-roar-us-politician-propose-trillion-dollar-coin-idea\/\">Bitcoin Bulls Roar as U.S. Politician Proposes \u2018Two $1 Trillion Coins\u2019 Idea<\/a><\/h6>\n<p>Analysts are currently divided over what comes next for Bitcoin, citing technical and fundamental factors that are weighing against each other.<\/p>\n<h2><strong>Technicals and S&amp;P 500 Performance Could Weigh Bitcoin Lower<\/strong><\/h2>\n<p>Trader Crypto Cactus recently noted that a move below the $6,000 support band will likely lead to a decline back into last week\u2019s price range between $5,000 and around $5,500. His chart\u2019s rough guesstimation of Bitcoin\u2019s price action, which he suggested has a \u201chigh chance\u201d of playing out, shows the asset falling to $5,000 once $6,000 is lost.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> LTF Update<\/p>\n<p>Weekly close is obviously the main close that is crucial for PA at the moment, but longing this $6000 region right now may not be the best play due to a strong chance of high volatility and manipulation on the last day of week.<\/p>\n<p>Seeing high chance of a strong PB. <a href=\"https:\/\/t.co\/Ke2hsyWTdb\" rel=\"nofollow\">pic.twitter.com\/Ke2hsyWTdb<\/a><\/p>\n<p>&mdash; Cactus (@thecryptocactus) <a href=\"https:\/\/twitter.com\/thecryptocactus\/status\/48802562?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 21, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>There is also a fear that a further collapse in the S&amp;P 500 and Dow Jones, along with other indices and assets around the world, will push cryptocurrencies lower as the correlation between BTC and global markets remains potent.<\/p>\n<h2><strong>There Remain Reasons To Be Bullish<\/strong><\/h2>\n<p>Although Cactus is fearing further downside, there are a number of reasons to be bullish on Bitcoin.<\/p>\n<p>NewsBTC found that Bitcoin is on the verge of printing a candle close under the lower Bollinger Bands on the four-hour chart, signaling a strong deviation from the trend. While not 100% bullish, previous breaches of the lower band on the four-hour have led to surges in the price of BTC, as can be seen in the chart below.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2020\/03\/22\/crypto-tidbits-bitcoin-surges-to-7000-covid-19-outbreak-brings-economy-to-standstill-ethereum-defi-recovers\/\">Crypto Tidbits: Bitcoin Surges to $7,000, COVID-19 Outbreak Brings Economy to Standstill, Ethereum DeFi Recovers<\/a><\/h6>\n<p>In fact, when BTC fell as low as $6,400 in the middle of December, it fell below the lower Bollinger Band then rallied 10% near immediately. And just a week or two later, the asset did the exact same, responding to a breach of the Bollinger Band by rallying 10%.<\/p>\n<p>As BTC is currently falling below this technical level (<a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView data shows<\/a>), a move even lower over the next few hours or day could be followed by a strong rally, considering the historical precedent.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/vzms5ZhU\/\" width=\"806\" height=\"478\"><\/p>\n<p>On a longer-term basis, analysts have observed that Bitcoin&#8217;s chart from March 7th to today <a href=\"https:\/\/uniquehot.com\/2020\/03\/21\/bitcoin-printed-pattern-prior-2019s-explosion-to-14000-its-back\/\">has the hallmarks of the pattern that marked BTC&#8217;s bottomed in 2018-2019, the BARR bottom<\/a>: a downtrend that leads into a vertical crash, the consolidation at the bottom, a rally past the trendline formed in the first phase, and a throwback to the trendline to confirm it as support.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/D4JosV2UIAMbye_?format=jpg&amp;name=small\" alt=\"View image on Twitter\" width=\"309\" height=\"412\"><\/p>\n<p>Of course, there is no guarantee Bitcoin\u2019s price action will follow this textbook pattern to a T yet again. But you know what they say: \u201cHistory doesn\u2019t repeat itself, but it often rhymes.\u201d<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few days, Bitcoin has held $6,000 time and time again, managing to close 20 four-hour candles about this psychological level in succession. But, the cryptocurrency just an hour ago closed a four-hour candle beneath this support, cementing BTC&#8217;s reversal from $7,000. Related Reading: Bitcoin Bulls Roar as U.S. Politician Proposes \u2018Two $1 Trillion Coins\u2019 Idea Analysts are currently divided over what comes next for Bitcoin, citing technical and fundamental factors that are weighing against each other. Technicals and S&amp;P 500 Performance Could Weigh Bitcoin Lower Trader Crypto Cactus recently noted that a move below the $6,000 support band will likely lead to a decline back into last week\u2019s price range between $5,000 and around $5,500. His chart\u2019s rough guesstimation of Bitcoin\u2019s price action, which he suggested has a \u201chigh chance\u201d of playing out, shows the asset falling to $5,000 once $6,000 is lost. $BTC LTF Update Weekly close is obviously the main close that is crucial for PA at the moment, but longing this $6000 region right now may not be the best play due to a strong chance of high volatility and manipulation on the last day of week. Seeing high chance of a strong PB. pic.twitter.com\/Ke2hsyWTdb &mdash; Cactus (@thecryptocactus) March 21, 2020 There is also a fear that a further collapse in the S&amp;P 500 and Dow Jones, along with other indices and assets around the world, will push cryptocurrencies lower as the correlation between BTC and global markets remains potent. There Remain Reasons To Be Bullish Although Cactus is fearing further downside, there are a number of reasons to be bullish on Bitcoin. NewsBTC found that Bitcoin is on the verge of printing a candle close under the lower Bollinger Bands on the four-hour chart, signaling a strong deviation from the trend. While not 100% bullish, previous breaches of the lower band on the four-hour have led to surges in the price of BTC, as can be seen in the chart below. Related Reading: Crypto Tidbits: Bitcoin Surges to $7,000, COVID-19 Outbreak Brings Economy to Standstill, Ethereum DeFi Recovers In fact, when BTC fell as low as $6,400 in the middle of December, it fell below the lower Bollinger Band then rallied 10% near immediately. And just a week or two later, the asset did the exact same, responding to a breach of the Bollinger Band by rallying 10%. As BTC is currently falling below this technical level (TradingView data shows), a move even lower over the next few hours or day could be followed by a strong rally, considering the historical precedent. On a longer-term basis, analysts have observed that Bitcoin&#8217;s chart from March 7th to today has the hallmarks of the pattern that marked BTC&#8217;s bottomed in 2018-2019, the BARR bottom: a downtrend that leads into a vertical crash, the consolidation at the bottom, a rally past the trendline formed in the first phase, and a throwback to the trendline to confirm it as support. Of course, there is no guarantee Bitcoin\u2019s price action will follow this textbook pattern to a T yet again. But you know what they say: \u201cHistory doesn\u2019t repeat itself, but it often rhymes.\u201d Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":418899,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[67141,74632,679,1057,4078],"class_list":["post-418897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-67141","tag-barr-bottom","tag-bitcoin-price","tag-bollinger-bands","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Traders Divided Over Bitcoin&#039;s Prospects as Price Crumbles Below $6,000<\/title>\n<meta name=\"description\" content=\"Over the past few days, Bitcoin has held $6,000 time and time again, managing to close 20 four-hour candles about this psychological level in succession.\" \/>\n<meta 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